Gold Turning Bullish Again?

Gold 28 Jan 2012

After the correction in December, it seems like gold is heading up again once more. Price now is already above the 200-day moving average.

Gold has broken through the resistance trend line as show in the chart (click for bigger view). I am using ichimoku clouds to aid me once more. 4 reasons why gold is turning bullish again (solely my opinion).

1. Breakout from the trendline

2. Chikou span broke through cloud (to give confidence that it’s a not fake breakout)

3. Kumo Twist (future sentiment is turning bullish)

4. Price is above cloud

I am long gold now. Expect to test resistance at about 1,756 region.

The information above is just my personal opinion. I could be wrong and I am always wrong. 

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